Dogecoin (DOGE) outpaced XRP early on Sunday, fueled by positive sentiment surrounding the cryptocurrency due to Elon Musk's backing, which is believed to be tied to his influence during the Trump administration. The price of DOGE surged 14% in the last day, extending its seven-day gain to 55%.

DOGE's price surpassed 23 cents, the highest it has been since November 2021, overtaking XRP's market capitalization of $33.3 billion with its own standing over $34 billion.

If this bullish trend continues, DOGE could potentially surpass stablecoin USDC, which currently has a market capitalization of $37 billion, by Tuesday.

Musk has been vocal about creating a “Department of Government Efficiency,” abbreviated as D.O.G.E, spurring expectations that Dogecoin could gain more mainstream media coverage. Trump has indicated that he would consider Musk for a leadership position in a government efficiency commission if he wins a second term as President of the United States. Furthermore, the open interest in Dogecoin futures is nearing record highs, indicating strong market interest.

Overall, Dogecoin has experienced a massive uptick in trading activity recently, suggesting a continuing bullish outlook among traders.